MagneGas Opens Second Retail Location Servicing Florida and GeorgiaMagneGas Wholly Owned Subsidiary, E.S.S.I. Open's Second Location in North Florida
MagneGas® Corporation ("MagneGas®" or the "Company") (NASDAQ: MNGA) a leading technology company that counts among its inventions a patented process that converts liquid waste into MagneGas® fuel, announced today that the company is open for business in North Florida through its new joint venture Company "E.S.S.I. North." This new location will expand distribution and service capability into North Florida and will significantly increase revenue opportunities.
A previously announced 50/50 joint venture company was established through an agreement with Suwannee Ironworks, an existing client. Through this new location, the Company will now be able to directly distribute MagneGas®, hard goods and other gases in areas not currently serviced such as North Florida and Georgia.
MagneGas subsidiary, E.S.S.I. is providing the inventory, proprietary distributorships, accounting and billing management. Suwanee Ironworks is providing the commercial location, shipping, transportation, and personnel to operate the new location. The Company anticipates that this new joint venture will allow the service of customers that have indicated an interest in working with MagneGas, but preferred a full service welding supply company local to their area. Sales have formally initiated, with final location improvements and phone lines expected October 14th and the formal grand opening planned on December 4th.
"We have been working hard to get operations initiated at our new location. We are pleased that initial sales have begun. We are now in a position to provide product to North Florida and South Georgia, which is a location previously without service. This is just one more step in our strategy to expand MagneGas2 sales and continue to expand our recurring revenue base," stated Ermanno Santilli, CEO of MagneGas Corporation.